element14 performance underscores Avnet Q3 results
element14 and Avnet remain strong in a stabilising market with Avnet declaring third quarter fiscal 2023 financial results of $6.5B
Avnet, Inc. (Nasdaq: AVT) announced results for its third quarter of fiscal 2023, ending 1 April, 2023, reporting $6.5B in sales, exceeding the guidance given.
Avnet reported an operating income of $313 million, a 4.9% increase over the previous quarter and a 14.3% year over year upturn.
element14’s contribution of $455 million in sales is an 11.5% increase from the previous quarter, while operating margin held steady sequentially at 9%. Farnell’s approach to fluctuating market conditions, including working in conjunction with partner organisations to overcome global supply constraints, proved integral to this robust financial performance.
Chris Breslin, President Farnell Global, said: “There are many factors that can impact the manufacture and distribution of electronic components and we have done well to predict and prepare for these.
“Despite the impact of key product line shortages and foreign currency exchange headwinds, we have demonstrated resilience in the face of industrywide challenges. Our overall performance has proven that our approach has been the correct one for element14 and our valued customers.
“We will continue to strategically invest to expand our electronic components portfolio, which will in turn enable our customers to seize every opportunity offered by the exponential growth of an increasingly evolving market.”
Farnell is a global technology leader with over 80 years in the high service distribution of technology products and solutions for electronic system design, production, maintenance and repair. Farnell uses this experience to support its broad customer base, from hobbyists to engineers, maintenance engineers and buyers as ‘The Development Distributor’, working with leading brands and start-ups to develop new products for market, and supporting the industry as it seeks to develop the current and next generation of engineers.
Farnell trades as Farnell in Europe, Newark in North America, and element14 throughout Asia Pacific. Farnell's global businesses are supported by a global supply chain of more than 3,500 suppliers and has an extensive inventory profile developed to anticipate and meet the needs of innovative customers everywhere. Farnell also sells direct to consumers through a network of resellers, and its CPC business in the UK.
Farnell is a business unit of Avnet (Nasdaq: AVT). Avnet is a global technology solutions provider with an extensive ecosystem that delivers design, product, marketing and supply chain expertise for customers at every stage of the lifecycle.
For more information, visit the website at http://www.farnell.com/corporate